|
JDG
JDG
JD - Unaudited Financial Results For The 6 Months Ended 28 February 2006
JD GROUP LIMITED
Registration number: 1981/009108/06
JSE code: JDG
ISIN: ZAE000030771
("JD" or "the Group")
UNAUDITED FINANCIAL RESULTS FOR THE 6 MONTHS ENDED 28 FEBRUARY 2006
FINANCIAL HIGHLIGHTS
* Revenue up by 18% to R6,1 billion (2005: R5,2 billion)
* Total sale of merchandise increased by 19% to R4,2 billion
(2005: R3,6 billion)
* Operating income up by 18% to R1,1 billion (2005: R0,9 billion)
* Operating margin improved from 18,2% to 18,3%
* Headline earnings per share up by 22% to 458,3 cents (2005: 375,5 cents)
* Distribution per share up by 24% to
230 cents (2005: 185 cents)
* Arrears percentage down to 7,8%
(2005: 10,1%)
* Gearing ratio 1,4% (2005: Nil)
Operating environment
The momentum in consumer spending on household durable goods continued
throughout the period under review. Deflation persisted in most product
categories. The credit risk profiles of consumers remained stable as did the
positive payment patterns.
Financial overview
The results of the Group incorporate revisions made to accounting standards in
order to comply with International Financial Reporting Standards ("IFRS").
Comparative figures have been restated accordingly.
The main restatements made to comply with IFRS are:
* Expensing the cost of share options granted to employees over the vesting
period of these options, as required by IFRS 2 Share-based payment;
* Accounting for the effect of translating the results of the Group"s foreign
operations directly in non-distributable reserves and no longer in the
income statement as allowed by IAS 21;
* As required by IAS 16 Property, plant and equipment, the expected useful
lives and residual values of property, plant and equipment have been
revisited. In addition, the land component of property is no longer
depreciated, only the buildings component. This has resulted in a reduction
in the depreciation charge to the income statement.
* Goodwill raised as a result of a business combination transaction will no
longer be amortised over its expected useful life, as required by IFRS 3
Business Combinations. Acquired intangibles continue to be amortised.
The Connection Group was acquired with effect from 1 December 2005 and their
financial performance is included from that date.
Revenue increased by 18% to R6,1 billion (2005: R5,2 billion), with the sale of
merchandise increasing by 19% to R4,2 billion (2005: R3,6 billion). The
increase in sales represents like on like growth of 6%.
Sale of merchandise constituted 70% of total revenue (2005: 69%), with the
remainder being finance charges, financial and other services. Southern African
revenue contributed 97% of total revenue (2005: 97%). Abra grew revenue in
zloty terms by 11%. Credit sales accounted for 49,4% of total sales
(2005: 52,9%). The credit chains increased their sale of merchandise by 12,7%.
The Group"s overall average product margin reduced slightly to 30,9% (2005:
32,0%) mainly due to the impact of Hi-Fi Corporation which experienced a
product margin reduction of 2,1% and the inclusion of the Connection Group
which operates at lower product margins. Our credit chains kept their product
margin at 35%. Stock markdowns of R37 million (2005: R16 million) were incurred
as a result of product deflation and technology changes. Retail prices of
electrical goods declined by 5,5% on average due to the strength of the rand
and a decline in US dollar prices. This impacted on Hi-Fi Corporation as well
as the electrical goods component of our credit chains in southern Africa.
Furniture deflation of 2% was experienced for the period under review and
overall deflation was 4% in the major categories of the product range.
Finance charges earned increased by 10% over the comparable period to R774
million in line with the growth in credit sales. Financial services, which
includes all the Group"s insurance offerings, increased by 16% to R786 million,
due mainly to the increase in the number of transactions.
Operating expenses increased by 12% to R2 billion with the inclusion of the
Connection Group.
Operating income grew by 18% to R1,1 billion with the operating margin
improving to 18,3% from 18,2%. Headline earnings increased to R804 million
(2005: R640 million). Headline earnings per share rose by 22% to 458,3 cents
(2005: 375,5 cents).
Net instalment sale receivables grew by 13,9% to R5,7 billion over the past six
months. Total provisions as a percentage of gross instalment sale receivables
stand at 27,9% (2005: 29,4%).
Bad debts written off decreased from 2,9% to 2,6% of gross receivables.
Arrears represented 7,8% of gross receivables, down from 10,1% the previous
year. It is significant to note that the rand amount of arrears reduced from
R710 million to R616 million year on year. The average length of the book has
increased to 14,1 months (2005: 13,5 months).
Inventories increased by 23% on the previous year due to the inclusion of the
Connection Group.
The Group currently has gearing of 1,4% (2005: Nil). Cash generated by trading
increased to R1 190 million (2005: R1 001 million). Working capital cash
requirements increased from R687 million to R697 million with the increase in
the instalment sale receivables accounting for the bulk of the increase.
Operational review
The Connection Group with their 37 Incredible Connection and 27 Photo
Connection stores were successfully integrated during the period under review.
This chain, with its differentiated product offering, allows the Group access
to one of the fastest growing segments of the consumer durable market.
We place significant focus on differentiating our brands in order to capture as
much of our target market as possible and at the same time minimise competition
amongst our brands. Measures are in place to counter, as far as possible, the
impact of deflation on the businesses.
The Group now administers in excess of 1,8 million current customer accounts.
Since year end, 61 stores have been renovated, 3 stores closed and 14 new
stores opened bringing our total store base to 1 038.
Abra
Abra increased its store base to 42 during the period under review. The Polish
economy improved considerably over the last year. Our operation is now
profitable for the first time and we plan to extend the store footprint
nationally. This now enables Abra to benefit from national advertising and
better economies of scale.
Maravedi
This new financial services group, in participation with ABSA Bank and Thebe
Investment Corporation, provides the mass market with improved access to
financial products. Having completed a test phase in 51 outlets, an extended
pilot in 192 of our Gauteng outlets is currently underway.
Corporate governance
JD Group complies with the Code of Corporate Practices and Conduct as set out
in the King II Report on Corporate Governance and the JSE Limited"s Listings
Requirements.
Triple bottom line
The Group remains committed to support HIV/Aids interventions, sound labour
relations, enhanced skills training and the development of our people. Black
Economic Empowerment within our South African communities is an integral part
of the Group"s strategy.
Prospects
Trading continues to show real growth. The improvement in sales experienced by
Hi-Fi Corporation since January is especially gratifying. The quality of the
instalment sale receivables should be maintained in the current economic
environment. Cash generation is traditionally stronger in the second half of
the financial year and it is therefore expected that dividend cover will remain
at two times.
For and on behalf of the board
I David Sussman Mias Strauss Gerald Volkel
Executive chairman Chief executive officer Financial director
Johannesburg
8 May 2006
Declaration of interim dividend number 45
Notice is hereby given that the board of directors has declared an interim
dividend of 230 cents per share (2005: 185 cents per share) for the six months
ended 28 February 2006. The dividend has been declared in the currency of the
Republic of South Africa.
In accordance with the settlement procedures of STRATE, the following dates
will apply to the interim dividend:
Last day to trade CUM dividend Friday, 2 June 2006
Trading EX dividend commences Monday, 5 June 2006
Record date Friday, 9 June 2006
Dividend payment date Monday, 12 June 2006
Share certificates may not be dematerialised or rematerialised between
Monday, 5 June 2006 and Friday, 9 June 2006, both days inclusive.
Abridged income statement
Unaudited Unaudited Unaudited
Restated Restated
12 months 6 months 6 months
ended ended ended
31 August 28 February 28 February Change
2005 2006 2005
R million R million R million %
6 763 Sale of merchandise 4 245 3 557 19
1 454 Finance charges earned 774 705 10
1 258 Financial services 786 680 16
458 Other services 280 235 19
9 933 Revenue 6 085 5 177 18
4 623 Cost of sales 2 932 2 420 21
Operating expenses before
3 419 the following: 1 963 1 755 12
88 Depreciation 47 36
Amortisation
20 - intangible assets 15 10
31 Share-based payments 21 15
Loss on disposal of Mozambique
5 operations - 5
Surplus on disposal of property, plant
(8) and equipment (5) (4)
1 755 Operating income (note 2) 1 112 940 18
53 Investment income 25 21
63 Finance income (note 3) 22 40
(205) Finance costs (note 3) (70) (100)
1 Share of profit of associates 1 -
1 667 Income before taxation 1 090 901 21
465 Taxation 282 263
1 202 Income attributable to shareholders 808 638 27
Reconciliation of headline earnings
1 202 Income attributable to shareholders 808 638
Loss on disposal of Mozambique
5 operations - 5
Surplus on disposal of property, plant
(8) and equipment (5) (4)
2 Taxation thereon 1 1
1 201 Headline earnings 804 640 26
175 500 Number of shares in issue (000) 178 000 174 500
(587) Treasury shares held (000) (1 355) (1 079)
Number of shares held outside
174 913 the Group (000) 176 645 173 421
Weighted average number of
shares in issue (000)
172 221 - basic 175 540 170 391
178 826 - diluted 180 784 177 608
Headline earnings per share (cents)
697,6 - basic 458,3 375,5 22
704,7 - 2005 basic as previously stated 376,2
671,8 - diluted 445,0 360,2 24
Earnings per share (cents) 698,2 - basic
460,4 374,2 23
672,4 - diluted 447,1 359,0 25
352 Distribution to shareholders (cents) 230 185
185 - Interim (proposed) 230 185 24
167 - Final
17,7% Operating margin (%) 18,3% 18,2%
Abridged balance sheet
Unaudited Unaudited Unaudited
Restated Restated
31 August 28 February 28 February
2005 2006 2005
R million R million R million
Assets
662 Non-current assets 1 310 658
287 Property, plant and equipment 427 256
- Goodwill 353 -
145 Intangible assets 351 155
110 Investments and loans 110 110
16 Interest in associate companies 25 13
104 Deferred taxation 44 124
7 778 Current assets 7 954 7 599
867 Inventories 1 078 880
5 259 Trade and other receivables (note 4) 5 954 5 315
1 Financial assets - 18
67 Taxation 1 60
1 584 Bank balances and cash 921 1 326
8 440 Total assets 9 264 8 257
Equity and liabilities
Equity and reserves
1 995 Share capital and premium 2 057 1 973
(15) Treasury shares (33) (26)
150 Non-distributable reserves 172 143
2 346 Retained income 2 747 2 074
292 Shareholders for dividend 406 321
4 768 Shareholders" equity 5 349 4 485
1 539 Non-current liabilities 1 528 1 615
810 Interest bearing long term liabilities 742 926
66 Non-interest bearing long term liabilities 103 82
663 Deferred taxation 683 607
2 133 Current liabilities 2 387 2 157
1 768 Trade and other payables (note 5) 1 969 1 688
317 Interest bearing liabilities 256 383
- Financial liabilities - -
48 Taxation 162 86
8 440 Total equity and liabilities 9 264 8 257
126 Directors" valuation of unlisted investments 135 123
75 Capital expenditure authorised and contracted 53 -
Capital expenditure authorised and not yet
577 contracted 32 96
1 035 Operating lease commitments 1 204 1 104
The Group has no other material commitments
or contingent liabilities.
2 717,0 Net asset value per share (cents) 3 005,0 2 570,3
(9,6) Gearing ratio (net) (%) 1,4 (0,4)
Abridged cash flow statement
Unaudited Unaudited Unaudited
Restated Restated
12 months 6 months 6 months
ended ended ended
31 August 28 February 28 February
2005 2006 2005
R million R million R million
390 Cash flows from operating activities 90 (95)
1 891 Cash generated by trading 1 190 1 001
(565) Increase in working capital (697) (687)
1 326 Cash generated by operations 493 314
53 Investment income 25 21
(119) Finance costs - net (48) (52)
(292) Taxation paid (87) (123)
968 Cash available from operating activities 383 160
(578) Dividends paid (293) (255)
(118) Cash flows from investing activities (659) (39)
Proceeds on disposal of Mozambique
19 operations - 19
- Acquisition of Connection Group (516) -
(15) Acquisition of associated companies (8) (15)
- Investment and loan receipts - 2
Proceeds on disposal of property, plant
16 and equipment 6 8
(138) Additions to property, plant and equipment (141) (53)
(16) Cash flows from financing activities (94) 132
Proceeds on disposal of treasury shares by
166 share incentive trusts 45 133
180 Long term borrowings raised - 180
(292) Long term borrowings repaid (102) (145)
- Finance lease liabilities raised - -
(70) Finance lease liabilities repaid (37) (36)
Net (decrease)/increase in cash and cash
256 equivalents (663) (2)
1 328 Cash and cash equivalents at beginning of period 1 584 1 328
1 584 Cash and cash equivalents at end of period 921 1 326
138 Capital expenditure incurred 141 53
Notes
1. Accounting policies
The accounting policies used in the preparation of the interim profit
announcement, which are compliant with International Financial Reporting
Standards ("IFRS"), are consistent with those applied in the previous financial
year ended 31 August 2005, except for the adoption of the following revised
accounting standards:
- IAS 16 Property, plant and equipment
- IAS 21 The effects of changes in foreign exchange rates
- IAS 24 Related party disclosures
- IAS 36 Impairment of assets
- IAS 39 Financial instruments: recognition and measurement
- IFRS 2 Share-based payment
- IFRS 3 Business combinations
As the Group has previously reported its financial information in accordance
with International Accounting Standards, it is not a first time adopter of
International Financial Reporting Standards, and the restatements as reflected
in the section to the right, are as a consequence of adopting revised
accounting standards.
This profit announcement was compiled in terms of IAS 34 - Interim reporting.
2. Reconciliation of revenue to operating income
Unaudited Unaudited Unaudited
Restated Restated
31 August 28 February 28 February
2005 2006 2005
R million R million R million
9 933 Revenue 6 085 5 177
4 623 Cost of sales 2 932 2 420
548 Other direct operating expenses 370 312
563 Administration and IT 314 261
342 Marketing 190 179
458 Occupancy 255 228
1 338 Employees 732 683
221 Transport and travel 127 109
29 Management fee 17 15
20 Amortisation - intangible assets 15 10
31 Share-based payments 21 15
5 Loss on disposal of Mozambique operations - 5
1 755 Operating income 1 112 940
3. Finance costs - net
Finance costs
174 Interest paid 69 86
31 Fair value losses on financial instruments 1 14
205 70 100
Finance income
(55) Interest received (21) (34)
(8) Fair value gains on financial instruments (1) (6)
(63) (22) (40)
142 Finance costs - net 48 60
4. Trade and other receivables
6 964 Instalment sale receivables (a) 7 907 7 024
(1 956) Less: Provisions (2 202) (2 062)
(1 008) Unearned finance charges (1 150) (1 054)
(401) Bad debts (469) (501)
(547) Other (b) (583) (507)
5 008 Net instalment sale receivables 5 705 4 962
251 Other receivables 249 353
5 259 Total trade and other receivables 5 954 5 315
Provisions as a percentage of instalment
28,1% sale receivables (%) 27,9% 29,4%
In accordance with industry norms, amounts due from instalment sale receivables
after one year are included in current assets. The credit terms of instalment
sale receivables range from 6 to 24 months.
a. Classified as loans and receivables and carried at amortised cost.
b. Other provisions consist of extended guarantees, unearned club and insurance
provisions.
5. Trade and other payables
The directors consider the carrying amount of trade and other payables to
approximate their fair values.
The credit period of trade payables ranges between 30 and 90 days.
The following provisions are included in trade and other payables:
Raised at Balance at Utilised during Unaudited
acquisition 31 Aug current period 28 Feb
Raised on the acquisition 2005 2006
of Profurn: R million R million R million R million
Retrenchment costs 43 13 1 12
Closing of facilities 30 4 - 4
Lease closure costs 134 25 5 20
207 42 6 36
Raised on Balance at Utilised during Unaudited
closure 31 Aug current period 28 Feb
2005 2006
Raised on the closure
of Profurn legacy
stores: R million R million R million R million
Retrenchment costs 1 - - -
Lease closure costs 8 1 1 -
9 1 1 -
Unaudited Unaudited Unaudited
31 August 28 February 28 February
2005 2006 2005
R million Other provisions: R million R million
51 Leave pay 60 53
40 Annual bonus 11 10
91 71 63
6. Diluted earnings and headline earnings per share
The number of shares for diluted earnings purposes has been calculated after
considering the dilutive impact of share options and the cash value to be
received in future, in respect of unissued shares granted to employees.
7. Related parties
The Group entered into various transactions with related parties which occurred
under terms that are no more favourable than those arranged with independent
third parties.
8. Subsequent events
No significant events have occurred in the period between 28 February 2006 and
the date of this report.
Abridged statement of changes in equity
Unaudited Unaudited Unaudited
Restated Restated
31 August 28 February 28 February
2005 2006 2005
R million R million R million
1 995 Share capital and premium 2 057 1 973
1 903 Opening balance 1 995 1 903
92 Shares issued to share incentive trusts 62 70
(15) Treasury shares (33) (26)
(88) Opening balance (15) (88)
(92) Shares issued to share incentive trusts (62) (70)
Proceeds on disposal of shares by share
166 incentive trusts 44 133
(1) Profit on disposal of treasury shares - (1)
54 Share-based payments reserve 75 38
23 IFRS adjustments - 1 September 2004 54 23
31 Current 21 15
96 Non-distributable reserves 97 105
137 Opening balance 96 137
(19) IFRS adjustments - 1 September 2004 - (19)
(22) Translation of foreign entities 1 (13)
2 346 Retained income 2 747 2 074
1 746 Opening balance 2 346 1 746
14 IFRS adjustments - 1 September 2004 - 14
1 202 Income attributable to shareholders 808 638
(619) Distributable to shareholders (412) (327)
2 Distributable to share incentive trusts 5 3
1 Distributable to treasury shares - -
292 Shareholders for dividend 406 321
253 Opening balance 292 253
619 Distributable to shareholders 412 327
(2) Distributable to share incentive trusts (5) (3)
- Distributable to treasury shares - (1)
(585) Paid to shareholders (295) (259)
6 Paid to share incentive trusts 2 3
1 Paid to treasury shares - 1
4 768 Balance at end of period 5 349 4 485
Adoption of revised IFRS and other restatements on reported balance sheets
Increase/(decrease)
Assets Liabilities Equity
Transition date 1 September
2004
Property, plant and equipment 34 10 24
Foreign currency translations (6) - (6)
28 10 18
Interim period ended 28
February 2005
Property, plant and equipment 40 11 29
Foreign currency translations (10) - (10)
30 11 19
Year ended 31 August 2005
Property, plant and equipment 37 11 26
Foreign currency translations (12) - (12)
25 11 14
Adoption of revised IFRS and other restatements on reported results
Increase/(decrease)
Income before Taxation Attributable
taxation charge profit
Interim period ended
28 February 2005
Property, plant and equipment 6 1 5
Foreign currency translations 14 4 10
Share-based payments (15) - (15)
Operating leases (1) (1)
4 5 (1)
Year ended 31 August 2005
Property, plant and equipment 3 1 2
Foreign currency translations 23 7 16
Share-based payments (31) - (31)
(5) 8 (13)
Interim period ended
28 February 2006
Property, plant and equipment 6 2 4
Share-based payments (21) - (21)
Business combinations (5) (1) (4)
(20) 1 (21)
Segmental report
6 months ended 28 February 2006
Joshua
Russells Doore Bradlows
Revenue Rm 1 257 893 464
Operating income Rm 343 224 95
Depreciation Rm 1 1 1
Total assets Rm 1 707 1 258 658
Total current liabilities Rm 305 246 124
Capital expenditure Rm 2 2 1
Operating margin % 27,3 25,1 20,5
Total sale of merchandise Rm 759 535 311
Share of Group sale of
merchandise % 17,9 12,6 7,3
Credit sales Rm 556 386 227
Percentage of total sales % 73,3 72,1 73,0
Cash sales Rm 203 149 84
Percentage of total sales % 26,7 27,9 27,0
Deposit rate on credit sales % 13,0 15,0 15,6
Number of stores 201 146 88
Retail square meterage 141 986 111 403 65 144
Number of employees 3 238 2 607 1 462
Instalment sale receivables -
gross Rm 2 148 1 510 716
Bad debts written off Rm 58 34 11
Bad debts written off as a
percentage of gross receivables % 2,7 2,3 1,5
Receivables" arrears Rm 171 95 45
Receivables" arrears as a
percentage of gross receivables % 8,0 6,3 6,3
Collection rate % 7,2 7,1 7,9
Average length of the book Months 13,9 14,1 12,7
Price Electric
`n Pride Express Morkels
Revenue Rm 561 262 586
Operating income Rm 128 48 143
Depreciation Rm 1 - 1
Total assets Rm 876 347 828
Total current liabilities Rm 102 79 161
Capital expenditure Rm 1 - 1
Operating margin % 22,8 18,3 24,4
Total sale of merchandise Rm 299 158 370
Share of Group sale of
merchandise % 7,1 3,7 8,7
Credit sales Rm 271 106 304
Percentage of total sales % 90,6 67,1 82,2
Cash sales Rm 28 52 66
Percentage of total sales % 9,4 32,9 17,8
Deposit rate on credit sales % 11,8 17,0 12,5
Number of stores 119 117 114
Retail square meterage 72 315 16 758 83 712
Number of employees 1 997 745 1 852
Instalment sale receivables
- gross Rm 1 148 425 935
Bad debts written off Rm 41 11 16
Bad debts written off as a
percentage of gross
receivables % 3,6 2,6 1,7
Receivables" arrears Rm 119 23 54
Receivables" arrears as a
percentage of gross
receivables % 10,4 5,4 5,8
Collection rate % 6,0 7,2 7,9
Average length of the book Months 16,7 13,9 12,7
Sub-
Barnetts Other total
Revenue Rm 468 63 4 554
Operating income Rm 147 4 1 132
Depreciation Rm - - 5
Total assets Rm 721 91 6 486
Total current liabilities Rm 93 (1) 1 109
Capital expenditure Rm 1 - 8
Operating margin % 31,4 6,3 24,9
Total sale of merchandise Rm 247 37 2 716
Share of Group sale of
merchandise % 5,8 0,9 64,0
Credit sales Rm 219 30 2 099
Percentage of total sales % 88,7 81,1 77,3
Cash sales Rm 28 7 617
Percentage of total sales % 11,3 18,9 22,7
Deposit rate on credit sales % 12,3 13,2 13,6
Number of stores 109 18 912
Retail square meterage 60 631 12 902 564 851
Number of employees 1 721 387 14 009
Instalment sale receivables -
gross Rm 912 111 7 905
Bad debts written off Rm 25 8 204
Bad debts written off as a
percentage of gross receivables % 2,7 7,2 2,6
Receivables" arrears Rm 88 21 616
Receivables" arrears as a
percentage of gross receivables % 9,6 18,9 7,8
Collection rate % 6,5 7,8 7,1
Average length of the book Months 15,4 12,8 14,1
Hi-Fi Connection
Corp Group Abra
(3 months)
Revenue Rm 1 042 342 147
Operating income Rm 104 23 3
Depreciation Rm 2 4 1
Total assets Rm 251 275 44
Total current liabilities Rm 102 294 44
Capital expenditure Rm 1 4 1
Operating margin % 10,0 6,6 2,0
Total sale of merchandise Rm 1 042 341 146
Share of Group sale of
merchandise % 24,6 8,0 3,4
Credit sales Rm
Percentage of total sales %
Cash sales Rm 1 042 341 146
Percentage of total sales % 100,0 100,0 100,0
Deposit rate on credit sales %
Number of stores 20 64 42
Retail square meterage 32 577 26 222 33 146
Number of employees 1 756 881 460
Instalment sale receivables -
gross Rm 2
Bad debts written off Rm
Bad debts written off as a
percentage of gross receivables %
Receivables" arrears Rm
Receivables" arrears as a
percentage of gross receivables %
Collection rate %
Average length of the book Months
Corporate Group
Revenue Rm - 6 085
Operating income Rm (150) 1 112
Depreciation Rm 35 47
Total assets Rm 2 208 9 264
Total current liabilities Rm 838 2 387
Capital expenditure Rm 127 141
Operating margin % 18,3
Total sale of merchandise Rm 4 245
Share of Group sale of merchandise % 100,0
Credit sales Rm 2 099
Percentage of total sales % 49,4
Cash sales Rm 2 146
Percentage of total sales % 50,6
Deposit rate on credit sales % 13,6
Number of stores 1 038
Retail square meterage 656 796
Number of employees 552 17 658
Instalment sale receivables - gross Rm 7 907
Bad debts written off Rm 204
Bad debts written off as a
percentage of gross receivables % 2,6
Receivables" arrears Rm 616
Receivables" arrears as a
percentage of gross receivables % 7,8
Collection rate % 7,1
Average length of the book Months 14,1
Segmental report (Restated)
6 months ended 28 February 2005
Joshua
Russells Doore Bradlows
Revenue Rm 1 131 763 422
Operating income Rm 297 168 83
Depreciation Rm 1 1 1
Total assets Rm 1 539 1 078 600
Total current liabilities Rm 322 220 150
Capital expenditure Rm 2 1 1
Operating margin % 26,3 22,0 19,7
Total sale of merchandise Rm 688 454 283
Share of Group sale of
merchandise % 19,3 12,8 8,0
Credit sales Rm 523 338 207
Percentage of total sales % 76,0 74,4 73,1
Cash sales Rm 165 116 76
Percentage of total sales % 24,0 25,6 26,9
Deposit rate on credit sales % 13,3 15,7 19,3
Number of stores 199 147 86
Retail square meterage 141 860 116 656 64 229
Number of employees 3 111 2 481 1 438
Instalment sale receivables
- gross Rm 1 937 1 311 640
Bad debts written off Rm 55 32 11
Bad debts written off as a
percentage of gross
receivables % 2,8 2,4 1,7
Receivables" arrears Rm 197 110 51
Receivables" arrears as a
percentage of gross
receivables % 10,2 8,4 8.0
Collection rate % 7,4 7,4 8.3
Average length of the book Months 13,5 13,5 12.0
Price Electric
`n Pride Express Morkels
Revenue Rm 478 246 517
Operating income Rm 90 47 120
Depreciation Rm 1 - 1
Total assets Rm 760 313 717
Total current liabilities Rm 100 71 154
Capital expenditure Rm 1 - 2
Operating margin % 18,8 19,1 23,2
Total sale of merchandise Rm 253 153 329
Share of Group sale of
merchandise % 7,1 4,3 9,2
Credit sales Rm 231 99 265
Percentage of total sales % 91,3 64,7 80,5
Cash sales Rm 22 54 64
Percentage of total sales % 8,7 35,3 19,5
Deposit rate on credit sales % 12,9 19,8 12,7
Number of stores 118 116 116
Retail square meterage 71 725 16 801 84 360
Number of employees 1 957 747 1 746
Instalment sale receivables
- gross Rm 1 006 386 826
Bad debts written off Rm 42 8 18
Bad debts written off as a
percentage of gross
receivables % 4,2 2,1 2,2
Receivables" arrears Rm 139 21 72
Receivables" arrears as a
percentage of gross
receivables % 13,8 5,4 8,7
Collection rate % 6,2 7,4 8,5
Average length of the book Months 16,1 13,5 11,8
Sub-
Barnetts Other total
Revenue Rm 403 68 4 028
Operating income Rm 121 (8) 918
Depreciation Rm - - 5
Total assets Rm 624 89 5 720
Total current liabilities Rm 84 14 1 115
Capital expenditure Rm 1 1 9
Operating margin % 30,0 (11,8) 22,8
Total sale of merchandise Rm 213 36 2 409
Share of Group sale of
merchandise % 6,0 1,0 67,7
Credit sales Rm 190 27 1 880
Percentage of total sales % 89,2 75,0 78,0
Cash sales Rm 23 9 529
Percentage of total sales % 10,8 25,0 22,0
Deposit rate on credit sales % 12,8 22,1 14,7
Number of stores 103 16 901
Retail square meterage 57 674 12 129 565 434
Number of employees 1 738 412 13 630
Instalment sale receivables -
gross Rm 776 141 7 023
Bad debts written off Rm 23 12 201
Bad debts written off as a
percentage of gross receivables % 3,0 8,5 2,9
Receivables" arrears Rm 74 46 710
Receivables" arrears as a
percentage of gross receivables % 9,5 32,6 10,1
Collection rate % 6,7 8,1 7,4
Average length of the book Months 14,9 12,3 13.5
Hi-Fi
Corp Abra Corporate
Revenue Rm 1 024 125 -
Operating income Rm 133 (5) (106)
Depreciation Rm 2 1 28
Total assets Rm 207 50 2 280
Total current
liabilities Rm 109 38 895
Capital expenditure Rm 3 1 40
Operating margin % 13,0 (4,0)
Total sale of
merchandise Rm 1 024 124
Share of Group sale of
merchandise % 28,8 3,5
Credit sales Rm
Percentage of total
sales %
Cash sales Rm 1 024 124
Percentage of total
sales % 100,0 100,0
Deposit rate on credit
sales %
Number of stores 17 41
Retail square meterage 28 606 35 398
Number of employees 1 480 500 510
Instalment sale
receivables - gross Rm 1
Bad debts written off Rm
Bad debts written off
as a percentage of gross
receivables %
Receivables" arrears Rm
Receivables" arrears as
a percentage of gross
receivables %
Collection rate %
Average length of the
book Months
Group
Revenue Rm 5 177
Operating income Rm 940
Depreciation Rm 36
Total assets Rm 8 257
Total current liabilities Rm 2 157
Capital expenditure Rm 53
Operating margin % 18,2
Total sale of merchandise Rm 3 557
Share of Group sale of merchandise % 100,0
Credit sales Rm 1 880
Percentage of total sales % 52,9
Cash sales Rm 1 677
Percentage of total sales % 47,1
Deposit rate on credit sales % 14,7
Number of stores 959
Retail square meterage 629 438
Number of employees 16 120
Instalment sale receivables - gross Rm 7 024
Bad debts written off Rm 201
Bad debts written off as a
percentage of gross receivables % 2,9
Receivables" arrears Rm 710
Receivables" arrears as a
percentage of gross receivables % 10,1
Collection rate % 7,4
Average length of the book Months 13,5
Segmental report (Restated)
year ended 31 August 2005
Joshua
Russells Doore Bradlows
Revenue Rm 2 179 1 481 806
Operating income Rm 560 322 145
Depreciation Rm 2 1 1
Total assets Rm 1 542 1 100 583
Total current liabilities Rm 308 243 128
Capital expenditure Rm 2 2 1
Operating margin % 25,7 21,7 18,0
Total sale of merchandise Rm 1 307 870 538
Share of Group sale of
merchandise % 19,3 12,9 8,0
Credit sales Rm 968 643 391
Percentage of total sales % 74,1 73,9 72,7
Cash sales Rm 339 227 147
Percentage of total sales % 25,9 26,1 27,3
Deposit rate on credit sales % 13,8 15,6 19,1
Number of stores 199 147 87
Revenue per store R000 10 950 10 075 9 264
Retail square meterage 140 811 114 065 64 965
Revenue per square metre Rand 15 475 12 984 12 407
Number of employees 3 207 2 518 1 500
Revenue per employee R000 679 588 537
Instalment sale receivables -
gross Rm 1 933 1 321 633
Bad debts written off Rm 118 76 22
Bad debts written off as a
percentage of gross receivables % 6,1 5,7 3,5
Receivables" arrears Rm 169 93 44
Receivables" arrears as a
percentage of gross receivables % 8,7 7,0 7,0
Collection rate % 7,4 7,4 8,3
Average length of the book Months 13,5 13,5 12,0
Price Electric
`n Pride Express Morkels
Revenue Rm 913 460 1 006
Operating income Rm 180 82 214
Depreciation Rm 1 - 2
Total assets Rm 754 302 706
Total current liabilities Rm 108 66 157
Capital expenditure Rm 2 1 2
Operating margin % 19,7 17,8 21,3
Total sale of merchandise Rm 474 277 637
Share of Group sale of
merchandise % 7,0 4,1 9,4
Credit sales Rm 431 182 438
Percentage of total sales % 90,9 65,7 68,8
Cash sales Rm 43 95 199
Percentage of total sales % 9,1 34,3 31,2
Deposit rate on credit sales % 12,8 19,4 12,6
Number of stores 119 116 112
Revenue per store R000 7 672 3 966 8 982
Retail square meterage 73 108 16 491 84 830
Revenue per square metre Rand 12 488 27 894 11 859
Number of employees 1 947 753 1 765
Revenue per employee R000 469 611 570
Instalment sale receivables -
gross Rm 991 376 803
Bad debts written off Rm 95 20 41
Bad debts written off as a
percentage of gross receivables % 9,6 5,3 5,1
Receivables" arrears Rm 117 20 57
Receivables" arrears as a
percentage of gross receivables % 11,8 5,3 7,1
Collection rate % 6,3 7,4 8,4
Average length of the book Months 15,9 13,5 11,9
Sub-
Barnetts Other total
Revenue Rm 766 127 7 738
Operating income Rm 218 (6) 1 715
Depreciation Rm 1 1 9
Total assets Rm 627 149 5 763
Total current liabilities Rm 103 9 1 122
Capital expenditure Rm 2 2 14
Operating margin % 28,5 (4,7) 22,2
Total sale of merchandise Rm 397 69 4 569
Share of Group sale of
merchandise % 5,9 1,0 67,6
Credit sales Rm 353 52 3 458
Percentage of total sales % 88,9 75,4 75,7
Cash sales Rm 44 17 1 111
Percentage of total sales % 11,1 24,6 24,3
Deposit rate on credit sales % 12,8 19,3 14,7
Number of stores 105 18 903
Revenue per store R000 7 295 7 056 8 569
Retail square meterage 58 732 12 967 565 969
Revenue per square metre Rand 13 042 9 794 13 672
Number of employees 1 714 411 13 815
Revenue per employee R000 447 309 560
Instalment sale receivables -
gross Rm 788 116 6 961
Bad debts written off Rm 49 24 445
Bad debts written off as a
percentage of gross receivables % 6,2 20,7 6,4
Receivables" arrears Rm 66 34 600
Receivables" arrears as a
percentage of gross receivables % 8,4 29,3 8,6
Collection rate % 6,7 8,0 7,4
Average length of the book Months 14,9 12,5 13,5
Hi-Fi
Corp Abra Corporate
Revenue Rm 1 947 248
Operating income Rm 237 (13) (184)
Depreciation Rm 4 3 72
Total assets Rm 263 62 2 352
Total current liabilities Rm 137 57 817
Capital expenditure Rm 9 1 114
Operating margin % 12,2 (5,2)
Total sale of merchandise Rm 1 947 247
Share of Group sale of
merchandise % 28,8 3,6
Credit sales Rm
Percentage of total sales %
Cash sales Rm 1 947 247
Percentage of total sales % 100,0 100,0
Deposit rate on credit sales %
Number of stores 19 41
Revenue per store R000 102 474 6 049
Retail square meterage 33 552 33 560
Revenue per square metre Rand 58 029 7 390
Number of employees 1 638 477 529
Revenue per employee R000 1 189 520
Instalment sale receivables -
gross Rm 3
Bad debts written off Rm
Bad debts written off as a
percentage of gross receivables %
Receivables" arrears Rm
Receivables" arrears as a
percentage of gross receivables %
Collection rate %
Average length of the book Months
Group
Revenue Rm 9 933
Operating income Rm 1 755
Depreciation Rm 88
Total assets Rm 8 440
Total current liabilities Rm 2 133
Capital expenditure Rm 138
Operating margin % 17,7
Total sale of merchandise Rm 6 763
Share of Group sale of merchandise % 100,0
Credit sales Rm 3 458
Percentage of total sales % 51,1
Cash sales Rm 3 305
Percentage of total sales % 48,9
Deposit rate on credit sales % 14,7
Number of stores 963
Revenue per store R000 10 315
Retail square meterage 633 081
Revenue per square metre Rand 15 690
Number of employees 16 459
Revenue per employee R000 603
Instalment sale receivables - gross Rm 6 964
Bad debts written off Rm 445
Bad debts written off as a
percentage of gross receivables % 6,4
Receivables" arrears Rm 600
Receivables" arrears as a
percentage of gross receivables % 8,6
Collection rate % 7,4
Average length of the book Months 13,5
Administration
JD Group Limited ("JD" or "the Group")
Registration number 1981/009108/06
JSE code JDG
ISIN ZAE000030771
Executive directors ID Sussman (executive chairman)
HC Strauss (chief executive officer)
JL Bezuidenhout, JHC Kok, G Volkel
Non-executive director IS Levy
Independent
non-executive directors ME King, Dr D Konar, M Lock, MJ Shaw
Company secretary MI Jaye
Registered office 11th Floor, JD House, 27 Stiemens Street,
Braamfontein,
Johannesburg, 2001
(PO Box 4208, Johannesburg, 2000)
Telephone: +27 11 408 0408
Facsimile: +27 11 408 0604
Email: info@jdg.co.za
Transfer secretaries Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001
Telephone: +27 11 370 5000
Facsimile: +27 11 370 5663
ADR depository File number 82-4401
The Bank of New York Company, Inc.
One Wall Street, New York, NY 10286
United States of America
Telephone: +91 212 495 1284
Facsimile: +91 212 635 1121
Sponsor PSG Capital Limited
Building No 8, Woodmead Estate,
1 Woodmead Drive, Woodmead, Sandton, 2157
Telephone: +27 11 797 8400
Facsimile: +27 11 797 8435
Independent auditors Deloitte & Touche
Private Bag X6
Gallo Manor
2052
Date: 08/05/2006 03:01:31 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
